On August 3, Bitcoin declined during Asian trading hours. Ray Salmond, analyst at CoinMarketCap, stated that the cryptocurrency traded within a range after the Federal Reserve held interest rates steady as widely expected. However, Strategy, the largest corporate holder of Bitcoin, signaled openness to boosting its US dollar reserves, and proceeds from its upcoming fundraising are unlikely to be used to purchase digital assets.

Salmond added that this signal reinforces the view that a key source of demand for Bitcoin has effectively paused. Meanwhile, progress on the U.S. crypto regulation bill, the CLARITY Act, has stalled amid unresolved issues concerning ethics and consumer protection. The bill is backed by crypto advocacy groups and Wall Street. Nevertheless, the analyst noted that the broader market infrastructure for crypto continues to improve. Bitcoin was last down 1.0% at $62,814.37.